The Italian referendum on Sunday, December 4 is possibly the biggest European political event of the year.

A vote against Renzi’s referendum could be a de facto vote for an Italian-style Brexit, with all the uncertainty that would bring. Prime Minister Matteo Renzi has sworn to resign if the nation votes ‘no’, so any Brexit-style upset could shake markets, hurt Italy’s already feeble banks (which are weighed down by bad debts), and plunge the nation into political instability.

Its purpose is constitutional reform. A ‘yes’ vote would weaken the power of the Italian parliament’s upper house, which can currently unseat the government and make legislating near impossible.

If the referendum is defeated and Mr Renzi quits, many believe the left-wing Five Star Movement, which has promised a referendum on leaving the EU, will sweep to power.

Prominent Australian economist Saul Eslake told The New Daily a ‘no’ vote could prevent Mr Renzi from bailing out the banks, and trigger a bank run.

“If there are serious concerns about political stability in Italy, then Italian banks could see outflows of deposits and have difficulty rolling over their wholesale liabilities because people will want to reduce their exposure to Italy, including Italians themselves.”

I don't know if its good or bad , it seems to get to a point where the masses are tired of it all and want change . Are they shore there know what they are changing too ? . I dont think so . Just seems as though they want change anyway .

Not an all bad thing . you would say the odds are not in their favor with change , but most of that is due to the mentality , ''better with the devils you know than with those that you don't ''. hmmm sometimes its right , sometimes its not.

There is going to be change here in France, the populace is sick & tired of the political class, & very sick of the problems they create, it's getting to the point that even provincial towns have "no go" areas that the police & fire brigade can't enter !

Wow i thought the problems in the u.k. with their exit ,may deter other voters in other countries, to think twice at least , but then again the people have been thinking about this for the last ten years.......Those that want out just want out.

But the exit countries could unite and help each other in trade and buisness , a group of 4/5 would be enough.

This old fella knows a thing or two. The automatic ( computer driven ) virtual market values ( that a lot of people seem to think are looking good ) are meaningless.

In or out of the EU, the real ball to keep our eyes on in the immediate future is this:

Spiral, when you sell your house, and before you spend the money on another one, The cash will be extremely vulnerable to any economic stunt they pull to wreck Trumps ambitions for America. It's risky time for us all and especially for someone in your situation.

Spiral, when you sell your house, and before you spend the money on another one, The cash will be extremely vulnerable to any economic stunt they pull to wreck Trumps ambitions for America. It's risky time for us all and especially for someone in your situation. wrote:

Because Mr Renzi promised he would step down if the “no” campaign won. He will formally resign on Tuesday (AEDT).

When he was elected in February 2014, Mr Renzi promised to reform Italy and transform its struggling economy. The referendum was the key action in that pledge." />italy referendumItalian comedian Beppe Grillo is the Five Star Movement’s leader. Photo: AAPMr Renzi, 41, was seen as a young outsider and anti-establishment at the time. The proposed referendum reforms tried to deliver on the momentum that fuelled his meteoric rise to power.

Ironically, his referendum was defeated in part thanks to the support of the anti-establishment party Five Star Movement, which paints itself as anti-establishment.

An interim PM from Mr Renzi’s Democratic Party will soon be appointed and an election will likely be called for between early and mid-2017.

Prof Carmignani believed that election would produce a PM who favored leaving the European Union.

[b]Hopefully Pepi Grillo s party show a way and not become aa alternative puppeteer. I had high hopes for his party in the last elections , but the people of Italy were not ready for radical change . The media call it all turmoil but it is only change . You can't have change without change , there will be difficulties , yes , but change it will be . in ten years you all will be grateful for your changes today.

Just my wise words for today ,,,Everybody now OhhhmmMMMMMMMMMMMMMMMMMMMMMM